A recent report from eBay sheds some new light on its payments arm, set to go solo later this year.
Internet "superstore" Buy.com has completed the acquisition of Telstreet.com, an online retailer of wireless phones, service and accessories. The acquisition adds a new product category to buy.com's existing Web site, which already includes computer products, software, consumer electronics, books, music, videos and DVDs, games, golf, sports clearance items and a business superstore.
In connection with the acquisition, Aliso Viejo, Calif.-based buy.com issued an aggregate of approximately 1.36 million shares of its common stock in exchange for all of the outstanding capital stock and options of Telstreet. A portion of the shares will be held in escrow pursuant to the terms of the acquisition agreement. The merger will be accounted for under the purchase method of accounting.